During the boom phase of the business cycle, the economy shifts to a more risky position as the result of entrepreneurs’ profit targeting. The duration can be used to quantify this risk and to determine the discount rate for calculating the project's present value.
To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer.
To succeed, entrepreneurs must demonstrate superior foresight and judgment, and practice continuous dynamic improvement in their assembly and reassembly of assets to serve the consumer.
In a totalitarian system, competition means courting the favor of those in power. In the market system, competition means sellers try to outdo one another by offering better or cheaper goods and services to the buyers.
It is always a challenge for entrepreneurs to try and predict what customers will want in the future. But now things are even more unpredictable. And government regulations aren't helping either.
Although many claim "nobody saw this coming," some entrepreneurs planned ahead and also have found ways to cater to customers under new conditions.
